Owens Corning reports 4Q loss of $56M

2/21/2013

BLADE STAFF

Owens Corning reported a loss of $19 million, or $0.16 per diluted share, for 2012, according to the company's 2012 financial statement.

The company also reported a loss of $56 million, or $0.47 per diluted share, in the fourth quarter of last year. In the fourth quarter of 2011, the company reported earnings of $50 million, or $0.41 per diluted share.

Owens Corning, which released its year-end statement today, recorded a $100 million decrease in sales from 2011 to 2012.

According to a statement from the company, "the net loss in 2012 reflects a one-time debt extinguishment charge of $74 million in conjunction with a tender offer to refinance $350 million of outstanding senior notes that occurred in the fourth quarter of 2012, as well as approximately $136 million of charges associated with global restructuring actions. The fourth-quarter loss was primarily impacted by both the debt extinguishment charge and $27 million of charges related to global restructuring actions."

The company is scheduled to hold a conference call with investors at 11 a.m. today.

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